How do you calculate the final payout for the Iraqi Dinar, which is quoted in a range?
When you sell back Iraqi Dinar, you’ll notice that your quoted payment amount is presented in a range. We pay more for uncirculated notes, so depending on the quality of your currency, your final payment amount will fall somewhere in this range (assuming your send the exact denominations and count that you specified in your redemption request).
The payment amount is determined precisely based on the number of uncirculated and circulated notes we receive. Here are a couple examples that demonstrate how the calculation is performed. For simplicity, let’s assume you’re selling 100 x 10,000 notes that have a circulated exchange rate of $600 / M and an uncirculated exchange rate of $700 / M. In our example, you’re selling 1,000,000 (or 1M) in foreign currency and the range presented is $600 - $700 before shipping.
- If we receive 100 uncirculated notes, you’d be paid $700 before shipping, or 1M at $700 / M.
- If we receive 100 circulated notes, you’d be paid $600 before shipping, or 1M at $600 / M.
- If we receive 50 uncirculated notes and 50 circulated notes, you’d be paid $650 before shipping, or 0.5M at $700 / M ($350) plus 0.5M at $600 / M ($300).
To see the difference between uncirculated and circulated notes, please see our note quality page .